We also purchased operator of professional football club, Manchester United Plc. (MANU, Financial). The team plays in the EnglishPremier League (EPL), the most watched professional sports league in the world. Unlike most sports franchises, MANU leverages its global brand to drive a larger revenue base enabling the acquisition of top talent which has proven to drive strong league performance over the long-term. MANU also distributes and broadcasts live football content directly and indirectly through partners, owns and operates Old Trafford Stadium, as well as engages in sponsorships, merchandising and product licensing. Pandemic related revenue pressures and investor concerns surrounding media rights gave us the opportunity to build a position in the stock at a meaningful discount to our assessment of intrinsic value.
From John Rogers (Trades, Portfolio)' Ariel Fund third-quarter 2021 commentary.
